465 Old societies.U.K.
(1)M1In this section “old society” means a friendly society which is not a new society.
(2)This section applies if, on or after 19th March 1985, an old society—
(a)begins to carry on tax exempt life or endowment business; or
(b)in the opinion of the Board begins to carry on such business on an enlarged scale or of a new character.
(3)If it appears to the Board, having regard to the restrictions placed on qualifying policies issued by new societies by paragraphs 3(1)(b) F1 . . . and 4(3)(b) of Schedule 15, that for the protection of the revenue it is expedient to do so, the Board may give a direction to the old society under subsection (4) below.
(4)A direction under this subsection is that (and has the effect that) the old society to which it is given is to be treated for the purposes of this Act as a new society with respect to business carried on after the date of the direction.
(5)An old society to which a direction is given may, within 30 days of the date on which it is given, appeal against the direction to the Special Commissioners on the ground that—
(a)it has not begun to carry on business as mentioned in subsection (2) above; or
(b)that the direction is not necessary for the protection of the revenue.
[F2(6)If a registered friendly society in respect of which a direction is in force under subsection (4) above becomes an incorporated friendly society, the direction shall continue to have effect, so that the incorporated friendly society shall be treated for the purposes of this Act as a new society.]
Textual Amendments
F1Words in s. 465(3) repealed by Finance Act 1991 (c. 31, SIF 63:1), s. 123, Sch. 19 Pt. V, Note 7
F2S. 465(6) added (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.12 ; S.I. 1993/236, art.2
Marginal Citations
M1Source—1985 Sch.10 Part III